People Analytics Are Driving Business Impact — Here’s What You Need to Know

The best decisions are driven by data. But how do you make data-driven decisions when it comes to managing personnel? Businesses are increasingly turning to people analytics to augment their recruiting efforts and manage their HR processes. Let’s look at how this technology is impacting modern business.

What Are People Analytics?

“People analytics” refers to the practice of collecting data on employees and their performance within an organization. On the surface, this is nothing new, as many companies have long maintained data on their workers’ performance.

What makes people analytics unique is the level of detail that can be maintained on each employee, which managers can use to evaluate their contribution to the company as a whole. In other words, people analytics seeks to explore how individual employees impact business performance.

Introducing Predictive People Analytics

We deploy an enterprise level technology for our clients, isolved, which now offers an AI-driven tool that can be used to predict workplace needs, visualize key performance indicators, and enable timely HR interactions. Our platform acts as a central hub where you can manage employees, evaluate their work habits, and even predict certain patterns and trends.

This technology is most frequently being used for the financial industry, manufacturing, and hospitality, but with the advanced features and integration with our HCM system, it’s become adaptable for a variety of sectors.

How Are People Analytics Impacting Businesses?

The rise of people analytics has impacted businesses in several distinct ways:

Creating Data-Driven Company Cultures

Through people analytics, companies are better equipped to make data-driven decisions instead of falling back on personal opinion, preference, or “gut” instinct. People analytics can provide actionable insights based on real-world data, which helps leaders make better decisions and helps employees learn from their own mistakes.

Allowing Reevaluation of Core Processes

The data gained from people analytics can be used to assess how well employees are satisfying the main goals of your company. For example, you can use data gained from these digital tools to evaluate the efficiency of individual employees and whole departments.

This data may highlight areas that need improvement, which can prompt managerial personnel to adjust company policy to create a better fit between workers and the organization as a whole.

Reducing the “Silo Effect”

Larger organizations face challenges when different departments operate independently of one another. This fragmentation can create “silos,” where teams fail to share their resources, insights, or expertise across the organization, resulting in a disjointed process.

People analytics provides greater end-to-end visibility of projects and teams, pinpointing areas where collaboration would be advantageous. Thus, people analytics can improve communication and diminish the fragmentation that arises from the silo effect.

Boosting Employee Engagement

Evaluations can be painful, but they can also be good learning experiences. People analytics gives you the opportunity to truly develop your staff members, allowing them to learn from their mistakes and develop new skills as they grow.

These opportunities can go a long way toward improving employee engagement throughout your company. Additionally, the data you gain from people analytics can highlight areas of friction between staff members, so you can address problems before you even begin to notice the negative repercussions they engender.

Offering a Competitive Hiring Advantage

New hires aren’t always looking for a paycheck and nothing else when they come to a company. They expect a challenge and a chance to learn and grow. Having a people analytics system in place can allow you to provide these opportunities, which may give you a greater advantage when it comes to recruitment and retention.

Changing Data Management Practices

When your business is fueled by data, it’s important to protect this sensitive information. Many companies already have policies and procedures in place regarding certain aspects of the company, but HR departments will have to expand their data storage and security measures to accommodate an increase in data regarding their employees.

Ensuring Ethical Responsibility

With people analytics in place, nothing is hidden. The tools that you use to monitor your staff also ensure that you create a culture of transparency and accountability. This approach means that all staff members, from bottom to top, will have a greater duty to behave ethically in the workplace and will be held accountable for violations.

The Right Solution for Your Business

AssetHR provides industry-leading support and customer service when it comes to training, benefits management, and other HR-related tasks. Contact us today, and learn how we might help you implement new technology that can change the way you do business.

Digital Trends in Banking: Keeping Relationships Front of Mind When People Are Shifting to Online Environments

Technological developments have upended virtually every sector of American life, and the banking industry is no exception. Today’s banks have shifted to a strategic growth mindset and increased their focus on digital tools and online environments.

However, relationships must remain at the core of any successful business. Here are 5 digital trends that are helping banks keep relationships a priority amid the shift to a digital landscape.

  1. Implementing Technology to Reduce Manual Touchpoints

In many cases, technology can be used to minimize the need for human involvement. Banks are learning to assess their operations and technology, aiming for straight-through processing to reduce the need for manual touchpoints and serve customers more efficiently.

The reason is simple: Without the interruptions that come from these manual touchpoints, processing times are reduced significantly. This can be particularly helpful when screening potential customers for mortgages, loans, or highly competitive financial services.

With fewer employees engaged in the process, this also reduces the chances of human error and minimizes the threat of data breaches or security threats. This means that banks shifting to digital ecosystems can expect lower rates of error and fraud.

  1. Adapting to a Mobile Workforce

The COVID pandemic gave financial professionals a taste for telecommuting — one that remains even after restrictions have been lifted. In fact, many companies are offering their employees the option to work from home for at least a portion of the week.

Working from home has become part of a larger, evolving package of benefits that companies are using to attract and retain top talent. In an age where employees have been eager to look for opportunities at other companies, the option to work from home offers a competitive advantage.

At the same time, this setup demands that your company’s digital infrastructure is conducive to a mobile workforce. How will you handle communication among team members who are geographically scattered? How will you ensure data security when team members are relying on personal or home computers?

Finding technological solutions to keep your team integrated will become a greater priority as you adapt to an increasingly mobile workforce.

  1. Responding to Pressure Regarding ESG Criteria

Larger banks and financial institutions have already taken steps to integrate environmental, social, and governance (ESG) criteria into their business processes, but smaller, regional banks have been late adopters.

That may soon change, as standardized national and international disclosures are likely to become institutional norms.

The ESG initiative has focused, at least in part, on diversity and inclusion practices in the workplace. Investors look more favorably on companies that have promoted an inclusive work environment.

Here’s where technology makes the difference: Tools powered by artificial intelligence (AI) can discern patterns in an organization’s activities. This means that technology may soon be able to detect bias when it comes to hiring personnel, as well as issuing mortgages and credit.

  1. Adjusting to Changing Customer Expectations

It’s no secret that banking customers expect a robust online experience, even to the point of a fully digital onboarding process. And with so much volatility in the mortgage and housing market, customers are shopping around for a banking center that provides a frictionless customer experience.

For the banks themselves, this means augmenting their existing online features while taking steps to secure new leads and connect directly with each customer. For example, some banks are making inroads by offering educational resources or augmenting their customer service features to blend their digital offerings with a human touch.

  1. Complying with Shifting Regulations

In the near future, banks can expect regulations to have a renewed focus on data security and consumer fraud. But banks will also face increased scrutiny when it comes to mortgage data and your company’s posture regarding underrepresented or vulnerable populations.

In other words, complying with regulations will soon involve ensuring equity in the way you handle customers, particularly those of underprivileged or underrepresented demographic groups. These regulatory practices will apply pressure to banking professionals and ensure that people remain the greatest priority.

Need Help Adapting your Team?

These adaptations can be challenging for many businesses. We have solutions that can help. From digitizing your training to streamlining HR, our team helps you seamlessly implement enterprise-level technology to support your business, regardless of size.

Connect with us today to learn more about how AssetHR can provide quality workplace solutions for the banking industry and beyond.

Creating Employee Connection: How to Build a Strong Team Environment in Banking and Finance

Very few things are accomplished in banking and finance without a team effort. Every task involves the coordination of many different individuals or even large teams. That requires an intense level of teamwork and bonding that cannot exist if your employees are disconnected from one another.

In some teams, these connections happen naturally. Some people naturally click in the workplace, which is reflected in the quality of their work and their productivity. However, that isn’t usually the case. For most teams, employee connection is the result of a dedicated effort. You can use the following strategies to make that happen.

Hold Regular In-Person Events

There really is nothing quite like face-to-face socialization to get team members to connect with one another. Some examples of this include:

  • Happy hours
  • Mini golf or bowling outings
  • Hiking or other outdoor activities
  • Group outings to live sporting events
  • Escape rooms
  • League softball
  • Visits to the local zoo or other attractions

The key to success with in-person events is to make everybody feel welcome. Solicit ideas from all team members; avoid allowing one person or group to dominate the decision-making process. You want to ensure that there are events throughout the year that everybody can attend.

Look for Volunteer Opportunities

Businesses within the banking and finance sector rely on public trust for their success. It’s important to have an excellent reputation and be viewed by the public as members of the community.

Just check the sponsorship lists for charity golf tournaments, youth sports, community fairs, and other events. You’ll almost always see at least one bank or finance company.

It’s also very common to see banking employees working together to volunteer in the community. Volunteering fosters an important sense of trust and community. It also gives your team members an activity they can feel proud of while bonding with one another.

Tap into this resource by offering workers opportunities to team up in the name of community service throughout the year. There are undoubtedly countless opportunities to participate in charity events, offer help to local animal shelters, engage in park cleanup efforts, and so on.

Connect Online

In-person events are great. Unfortunately, they may not be possible with distributed teams. And some workers simply may not feel comfortable connecting this way. That doesn’t mean that creating employee connections isn’t possible. You can incorporate online gatherings instead of or in addition to in-person get-togethers.

Your team members can meet up online to:

  • Watch movies and television shows together
  • Play trivia or online board games
  • Form teams to hold video game tournaments
  • Hold virtual happy hours

Poll your team members to find common areas of interest to get the most online participation in the events you plan.

Create a Culture of Appreciation

Creating a culture of appreciation is absolutely a top-down effort. Teams that feel acknowledged and appreciated by company leadership will be more supportive of one another.

When management establishes positive feedback as the norm, workers don’t feel competitive with one another. Instead, they are more likely to appreciate what their teammates contribute in the workplace.

Encourage Monthly Team Recognition

Try a slightly new twist on monthly employee recognition programs. Instead of relying on managers to decide who deserves these awards, give that task to each team. They can select one or more team members each month to nominate for special recognition.

Monthly award winners will know they were specifically selected by their coworkers. When you present them with their token of recognition, make sure to let them know why their peers see so much value in what they do.

AssetHR Can Help Your Company with Meaningful Teambuilding Solutions

Good leaders provide their teams with plenty of opportunities to connect with one another. That’s just one part of effective team building, though.

You must also create a company culture that emphasizes cooperation, collaboration, and connection. Then, you must develop an environment that encourages your team members to trust and support one another. These suggestions are designed to help with that.

If you need additional assistance with creating employee connections or any other aspect of HR management, contact AssetHR. We provide a suite of resources and consulting services to help you make the most of your human capital.

Could Alternative Schedules Solve Some of Your Recruiting Challenges?

Are you facing challenges in filling your open positions? There are many steps that businesses can take to make their recruiting efforts more successful. You may have implemented some of these already, but have you considered adjusting your scheduling demands?

Offering alternative or flexible schedules could make your company more attractive to prospective hires and help you compete with other businesses for top talent.

What Are Alternative Schedules?

Alternative schedules are work schedules in which employees do not work a standard five-day week at set hours. These schedules generally give workers some ability to adjust when and where they work according to their needs.

Some popular alternative schedules include:

  • Four-day workweeks
  • Alternating Fridays off
  • Flexible schedules

Around 15% of companies have adopted a four-day workweek. Many others offer different types of scheduling flexibility.

3 Key Recruiting Benefits of Alternative Schedules

It’s clear that flexible schedules are attractive to job seekers. Below are three reasons why.

1.    Removes a Barrier to Employment

When you offer workers the opportunity to work flexible schedules, you may help relieve or eliminate major barriers to employment. These include:

  • Childcare costs
  • COVID-19 risk concerns in crowded offices
  • Caregiving duties
  • Commute issues and fuel costs
  • Concerns with accommodating school and work schedules for other household members

If you are losing job candidates because your scheduling is inflexible, consider that you may fill positions faster by offering this perk.

Even better, you could retain good employees you would otherwise lose to competitors who offer the flexibility they need. Employee retention is a definite bonus, considering the cost of acquiring workers vs. retaining them.

2.    Indicates the Company Respects Work-Life Balance

Now more than ever, workers are viewing work as something they do. That’s in contrast to previous generations, where more people considered their work to be a significant part of their identity.

Offering employees the benefits of alternative scheduling shows them that you respect their desire to spend time with family, pursue interests, or simply enjoy a schedule that works for them.

As an employer, you may also benefit from offering flexible schedules, as workers who maintain a good balance between their work and personal lives tend to be healthier, stay on the job longer, and feel a greater sense of engagement.

3.    Promotes a Healthier Work Culture and Management Style

Workers today are attracted to companies that offer a culture that emphasizes flexibility, autonomy, empathy, and accountability.

When your company offers alternative schedules, you demonstrate that you empathize with varying needs your team members may have, are willing to give staff the autonomy to choose their own schedules and trust them to accomplish their duties without having their hours micromanaged.

The managers who function best in an environment with these flexible schedules tend to work better with the two largest demographic groups of job candidates: millennials and Generation Z.

Younger employees tend to work best with outcome-based management rather than techniques that focus on processes. With alternative schedules, leaders must focus on whether team members are producing good outcomes, not how long they are sitting at their desks.

How to Offer Alternative Scheduling

The process of implementing alternative scheduling begins with your existing staff. You don’t want to offer this benefit to new hires without making it available to your current employees.

Start by examining your current job descriptions to see where flexibility might be an option. Keep in mind that you may have had an opportunity to gain some firsthand experience with this during the pandemic. The goal is to determine which jobs in your company can be totally or partially flexible and which must adhere to an exact schedule.

Once you know where flexibility might work, you can try rolling out the new schedule options. This will allow you to make adjustments until the schedule works for you and your team. At this point, you can begin offering it as a perk of employment.

Help with Talent Acquisition from AssetHR

Talent acquisition is one of the biggest challenges organizational leaders face each day. Recruiting, screening, and hiring new staff is an intense and competitive process.

Fortunately, AssetHR is ready to step up to help your team. Our team can help you to develop a recruiting strategy to help you achieve your goals. Connect with Chris Kelly for more information and a free consultation.

New Proposed OSHA Rule: What It Is and How It Could Impact You

The Occupational Safety and Health Administration (OSHA) has recently proposed a new mandate relating to the reporting of employee illnesses or injuries. This new rule reestablishes and expands upon guidelines that were created during the Obama administration.

As with any other regulatory change, company leaders are responsible for understanding these new rules and how they impact their organizations. Here’s some of the information you need to know:

What Is the Proposed OSHA Rule?

The new rule adds to and amends requirements that businesses send reports of employee injuries or illnesses to OSHA electronically. It impacts companies that have 100 or more employees and are in specific industries.

The proposed change is that once annually, these companies will have to electronically submit information from the following OSHA forms:

  • 300: log of work-related illnesses or injuries
  • 301: individual illness or injury report
  • 300A: summary of work-related illnesses or injuries

OSHA intends to make this information publicly available by publishing a searchable online database.

What Is Changing?

Currently, OSHA reporting regulations affect companies with ten or more employees, except for those in certain industries that are defined as “low hazard.” These companies must maintain records of each illness or injury that is a work-related new case and meets the criteria for reporting established for form 300.

Reportable incidents include any that involve:

  • Loss of consciousness
  • Death
  • Time off work
  • Need to transfer to another role
  • Restricted duties
  • Chronic illnesses
  • Fractures
  • Ruptured eardrums
  • Broken teeth

Any injury or illness that cannot be treated with on-site first aid must be reported.

Currently, these forms must be submitted for companies that have 250 or more employees or that have fewer employees but are in certain industries.

However, these rules were challenged and rolled back during the last administration. The arguments made were that these requirements exceeded the authority of OSHA and put organizations at risk of having to provide information that included trade secrets or was otherwise confidential.

New Changes

If the new rule takes effect, the reporting requirements will be reestablished. However, the following changes will be implemented:

First, the requirement for reporting for companies with more than 250 employees is removed if those businesses aren’t in specific industries. This requirement would be replaced with a rule impacting businesses with more than 100 employees in certain industries.

One industry will be added to the list of designated industries, and 13 others will be removed. Companies with 20 or fewer employees will be virtually unaffected. And the system used to classify industries will be updated.

The Purpose of Proposed OSHA Changes

OSHA has several key goals that are driving these regulatory changes:

  • Giving employers the ability to compare illness and injuries numbers
  • Providing job seekers with access to injury risk data
  • Empowering OSHA to better identify and assist at-risk workplaces
  • Improving the ability of the agency to enforce workplace safety
  • Motivating employers to recognize and mitigate hazards

The information that is made available to the public will not contain personally identifiable information (PII) but will include basic identifying information about the company.

How Your Business Should Respond

In addition to complying with these new rules, employers should be aware of how OSHA objectives could impact them. For example, OSHA may mine this data and use the information to increase monitoring and enforcement efforts where specific hazards appear to be leading to increased illnesses or injuries.

Additionally, employers should understand that the information they provide in form 301 may be made accessible to unions, competitors, and personal injury attorneys. They will want to be very careful that they fill out these forms accurately with the understanding that they are going to be subjected to intense scrutiny.

Finally, NAICS codes will likely be used to determine whether a particular employer will be impacted by these new reporting requirements.

Businesses should ensure that they are selecting the proper code. OSHA may use these codes when analyzing the data they receive and when identifying businesses to target for additional enforcement.

Get Help with OSHA Compliance from AssetHR

These new regulations involve some very complicated topics, including workplace safety and legal compliance. Fortunately, you don’t have to navigate them without help.

AssetHR has solutions and resources to help your organization with injury and illness tracking and any other rule change OSHA may announce. Connect with Chris Kelly to learn more.